An estate plan offers people several critical benefits for passing on assets and upholding their last wishes. Despite an estate plan’s services, many people have the false belief that only the wealthy can benefit from wills and trusts.
Misconceptions about estate planning can attribute to the fact that only 40% of adults have an estate plan. No matter what age you are or where you are in life, take a moment to consider how you can benefit from an estate plan.
Wills and trusts
If you have any kind of assets, you can benefit from wills and trusts. These legal documents help ensure that your beneficiaries inherit exactly what you want them to receive while protecting your estate from people you do not wish to receive anything. Whether you have a vast fortune to pass on or just want to make sure your heirlooms make it to the next generation of loved ones, a will or trust can help deliver your assets safely.
There is no telling what tomorrow may bring. Sometimes, tomorrow may bring the end for some of us. If you should pass on tomorrow or become unable to care for yourself or others, do you know who will look after your children or vulnerable adults? Establishing a guardian for your loved ones can allow you to rest easy and know that someone you trust will care for your loved ones after you should pass on.
Health care directives
Estate planning is not just for if you should pass away. If illness or injury makes you unable to speak or act for yourself, you may not be able to communicate your best interests to medical staff. You can avoid this problem by creating a health care directive that clearly states your wishes. These documents can verify your wishes regarding matters like how long you want to remain on life support, if you consent to certain procedures or medications, and if you wish to be an organ donor.
Now is the time to start planning
If you do not have an estate plan or have not updated your plan in a few years, now is the best time to address the issue. Anyone can benefit from an estate plan, and there is no time like the present to create one.